Minutes of actions taken by the Board of Governors of the

4tereil Reserve System on Wednesday,

PRESENT:

November

Mr. McCabe, ChairmanMr. SzymczakMx. EvansMr. Powell

22, 19)0.

Mr. Carpenter, SecretaryMr. Sherman, issistant SecretaryMr. Kenyon, Assistant Secretary

Minutes of the meeting of the Board of Governors of the

441'41 Reserve System with the Federal Advisory Council held onile Mber 21,

19Du ,_,

were approved unanimously.

Mitutes44

4.1 of actions taken by the Board of Governors of the

Reserve system on November 21,

Memoraadum datedOD the

Division of Bank Operations,14re, a clerk-typist in the Divisionhe

trealeferred to the Division of Bank

11411 no change in her present basic

errective November 26, 1950.

141'181°11 Of Research and Statistics

November

1950, were approved unanimously.

17, 1950, from Mr. Leonard, Director

recommending that Mrs. Nancy

of Research and Statistics,

Operations as a clerk-typist,

salary of $2,610 per annum,

The memorandum also stated that the

is agreeable to this transfer.

Approved unanimously.

or Memorandum dated November 20, 1950,

Illt4:Division of Research and Statistics, recommending an increase

bEtsic salarY of Vendel 0. Jeffries, a messenger in that

%) from $2,252 to $2,412 per annum,

from Mr. Young, Director

effective November 26, 1950.

Approved unanimously.

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1950, from Mr. Marget, Director

ttheDivision of International Finance, recommending an increasethe

dated November 13,

1)/ileic salary of Gerald Alter, an economist in that Division,

6,60.0

to 4,7,600 per annum, effective November 26, 1950.

Or kirlue

Approved unanimously.

Letter to Mr. Peyton, President of the Federal Reserve Bank

e43011s, reading as follows:

1950 "Reference is made to your letter of November 10,

to Lvising that the directors have voted, subjectthe'l; approval of the Board of Governors, to authorize11:el isel)unt Committee to pay $8,558 into the Retire-' Ystem on behalf of Mr. R. E. Towle.cas 'Because of the special circumstances in thissi.Z; the Board of Governors will not object to the

eetal Payment."

Approved unanimously.

Letter to Mr. Boyd, Chief Examiner of the Federal Reserve

r"eland, reading as follows:

Of No'llReferring to your letter and recommendationexther 16, 1950, the Board of Governors1411-"'s until January 9, 1951, the time withinPe11:11 the 'Peoples City Bank', McKeesport,IdleXzeYlvallia, may establish the branch in East ikrid;esPort, Pennsylvania, as approved by the Board

r date of June 9, 1950."

Approved unanimously.

Letter to Escrow & Loan Service Co., Incorporated, 44 West

'tree

1 1t) Post Office Box 591, Alhambra, California, reading as

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"/22/50-3-

8 "This refers to Mr. Allen's letter of November)

s 1950, addressed to the Federal Reserve Bank ofell Francisco, requesting a determination as to the8tetus of your company as a holding company affiliate.

"On the basis of available information, the Boardd-erstands that your company is engaged in the

1118acrow and loan service business; that it owns av ;/?ritY of the outstanding shares of stock offY National Bank of Alhambra, Alhambra, Cali-

that it does not, directly or indirectly,cr control any stock of, or manage or control,

list.beilkine; institution other than the Valleyit;?nal Bank of Alhambra; and that it is notco'e-Lf Managed or controlled by any bank holding

1413anY or other organization.term "In view of these facts, the Board has de-

that your company is not engaged, directly°0;,111directiv, as e business in holding the stockass °r managing or controlling, banks, bankingVit ia-'

tions, savings banks, or trust companies,Act 4 the meaning of section 2(c) of the Bankingcoml,Of 1933, as amended; and, accordingly, yourpur?4Y is not a holding company affiliate for anyPed:"es other than those of section 23A of the

-ral Reserve Act.%/II "If, however, your company should at any timeof °r control a substantial portion of the stocketij14: manage or control, more than one banking in-the st:'1-°n or there should be any other change intiph;a,°_ts which would indicate that your company

'4 engaged in the business of holding t4emati- c)f, or managing or controlling, banks, thisite :r shc)ula again be submitted to the Board forto mpl,tellnination. The Board reserves the rightethe a further determination at any time on'esis of the then existing facts."

Approved unanimously fortransmittal through the FederalReserve Bank of San Francisco.

Te1c.--gram to Kelley Blue Book, 1221 South Figueroa Street,1,4 411€

el8 15, California, reading as follows:

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"Confirming our telephone conversation ofNov.h„ if your publication specifies an amount

maY be added for cars with overdrive or

is transmission as extra equipment, there46 to objection to the inclusion of such amount

dete rmining maximum credit values for purposesBo Regulation W. This does not mean that the

„4114111 aPproves any given amount for such extra

—111 ent."

Approved unanimously.

Letter to Mr. Morton Bodfish, Chairman of the ExecutiveCo ett

United e ' united States Savings and Loan League, 221 No. LaSalle

Chicago 1, Illinois, reading as follows:

"Thur association is invited by Raymond M.Age-Y, Administrator, Housing and Home FinanceBo 4cY, and Thomas B. McCabe, Chairman of thetoe.rd of Governors of the Federal Reserve System,be a representation to a meeting to be held

1950, at 2:00 p.m. at the Federalpos,:,ve Building in Washington, to discuss pro-

additions to Regulation X, Residentialrecst 4tate Credit, to include multiple-family

rtlaanr

her

id?, ee.

associations interested in mortgage11 be represented at the meeting, e

Jr —4cLu. of which will be Mr. Charles T. Fisher,th;chdelinistrator. For the purpose of keepingcUe;:eting small enough to encourage free dis-114it it has been suggested that each association

representation to about two persons.Pren,:c1 draft of the new Regulation is beingbe ;-4ed, and when it is completed, a copy will

exi to you for your consideration.,tor .ttl e Will greatly appreciate your arrangingthis representation of your association atea Do and request that you will as soons im

send us the names of your reprAdip ntatives."

Approved una.nimou2.

0111

Street,

Secre

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